(expired) Existing Boutique Hotel in Central NY in Tourist Lake Town

Raising $1.1 Million in investor equity to acquire a boutique Hotel Acquisition in Central NY, Tourist Lake Town. This deal is a compelling value-add hospitality investment where my team and I will serve as the owner-operating company. Deal Highlights: High Demand / Low Supply Market: The town experiences a significant daily room deficit of 301 rooms (648 daily room demand vs. 347 available daily rooms). The area attracts over 500,000 visitors annually. Prime Location & Underperforming Asset: The 18-key Hotel is just 500 feet from the main attraction, a national & international tourist draw, 100 feet off Main Street, and a 2-block walk to public access to the lake. The existing hotel is underperforming, with an average daily rate (ADR) of $99, while mid-range motels achieve ADR premiums of $383-$414, and luxury hotels command an ADR of $770. Value-Add Strategy & Property Details: Our plan includes a soft rehab of the existing 18 guest rooms and bathrooms, conversion of a two-bedroom apartment into a penthouse suite, and reopening of two restaurants and two bars (Pub and Steakhouse). The 10,000 sq ft property has been an established Inn since 1802, operating continuously for 222 years. Strong Management & Execution Team: Led by myself, Tatham Havens-Morris (Founder & CEO, 15+ years entrepreneurial experience, significant sales growth, operational expertise), and supported by a team of seasoned hospitality professionals, including 20yr hospitality GM, specializing in boutique hotels and rehab, a 22 yr hospitality trainer, a project GC, and an in-house design/marketing team. Our team will be the onsite operators. Favorable Local Support & Grants: The Mayor and town have expressed full support. We have a funding term sheet from the Local Economic Development Fund and anticipate receiving state grants from the local town, ranging between $450,000 and $750,000 for the project. Sustainable & Modern Offering: Our rebrand emphasizes modern 4-star accommodations with eco-friendly furnishings and amenities, including EV charging stations, mini-bar service, and bespoke provisioning. We aim for a projected average daily rate of $547 per night. Investment Snapshot & Projected Net Investor Returns: -SBA Eligible: Lender Secured -Conventional Eligible: Lender Secured -Total Project Cost: $4.5mm. -Purchase Price: $2.5mm -Capital Improvements: $1.6mm. -Equity Needed: $1.1mm. -Sponsor Contribution: $120K. -Grant Contribution: $650K+. -Equity Multiple: 3.9x. -Internal Rate of Return (IRR): 53.29%. -Average Annual Return: 17% (not including sale). -Projected EBITDA (Year 1): $3.8mm. -Current Revenue: $351K -Current EBITDA: $30K The current owner, who is 80, wants to retire due to health issues, hence the <10% EBITDA—operating with a limited staff of 3. We are projecting significant cash/cash returns even after sensitizing the models and are willing to enter into a variety of GP/LP structures to meet the market. Transaction Status: -We are close to signing the Letter of Intent (LOI) on the Property. -The seller is motivated for a swift close, requiring a bank commitment letter before signing an LOI -Architectural plans are complete, and the GC & Reno Team are assembled with estimates, budgets, and trades set. Renovation is projected to be completed in 8 weeks. Feel free to comment, DM, or email for more information at redacted